EURUSD Intraday Forecast Sept 29 2014


Intraday outlook in EURUSD remains on the downside as long as resistance 1.2714 holds on a 4 hour closing basis , a failure to hold above the 1.2714 levels on a 4 hour basis could mean a return to the 1.2663 levels where a cut will open 1.2630 levels , next support comes at the 1.2600 levels followed by the 1.2570 levels..

On the upside, a clear break above the 1.2714 levels will bring small recovery towards the 1.2750/1.2765 levels before the next fall, however, If 1.2765 is taken out, recovery is expected to extend towards the 1.2850/1.2900 levels.

In all, the pair will remain biased to the downside in short-term view, but above the 1.2714 levels faces a recovery risk…note that breaking below the sloping support line as shown in the chart will have large bearish implication towards the 1.2500 levels.

EURUSD Intraday Forecast Sept 29 2014